MAR3023- MARKETING FINAL STUDY GUIDE!Marketing Exam 1 – Study Guide• Marketing Concept: process of creating, distributing, promoting, and pricing goods, services, ideas, and unmet customer needs to facilitate and maintain satisfying exchange relationships w customers and stakeholders • There is a misperception that marketing is less important than it really is1) Pure Marketing (long termed-engages in marketing process): -Creates a positive stigma and develops relationship with customers by being consistent with reliable quality -Complex, strategic, quantitative (statistical), and multifaceted 2) Impure Marketing (short termed but VERY powerful): -Advertising and overhyped fads by opportunists of inferior products without investment in marketing process -Steal the stigma that pure markets worked hard at creating • 4 P’s:1) Product: identify unmet customer needs(through marketing research) and develop a -Good- tangible object (core marketing function; ppl don’t always know what they need) -Service- hair cutting, medical care -Idea- concept, philosophy, image, or issue (political party, church, school)2) Placement: distribution to the right location to minimize costs -Channels, distribution, logistics -MWRC- manufacture, warehouse, retail, consumer3) Pricing: identify price (and value of exchange) that would maximize revenue -Today, it’s difficult to compete with prices bc greater access to info about other pricings via internet -Where marketing, finance, and economics intersect4) Promoting: inform people about the organization and its products or services -Strategies: advertising, PR, personal selling, promotions, street teams, viral marketing• History of Marketing:-Production Era (Industrial Revolution 1860-1920): firms produce in mass what they could (Model T)-Sales Era (Door2door salesman 1920-1950): firms focused on aggressive advertisement sales tactics -Marketing Era (1950-1990): more consumer oriented, product innovation, trust/honor -Relationship Marketing Era (1990-2010): focus on long term relationships and customer retention-Social Marketing Era (1960-present): society=stakeholder/focus on CSR (ex:green marketing)• Marketing concept (big picture): philosophy that an organization should try to provide products that satisfy customers’ needs through a coordinated set of activities that allows organization to achieve its goals• Marketing Strategy: develop and maintain favorable relationship with stakeholders (constituents w claim in some aspect of firms outcome like customers or investors)-ex: BP had to rebuild relationship with stakeholders by demonstrating efforts to solve oil problem-Begins with customer, then apply 4 P’s, then account for external forces that affect the marketing mix • Marketing orientation (specific to each company): commitment to researching and responding to customer needs • Customer Centric Marketing: developing collaborative relationships w customers by focus on individual needs/concerns• Relationship Marketing: establishing long term, mutually satisfying, buyer seller relationship-Repeat customers generate over twice as much revenue as new customers-Ex: Disney hotels decorate room in certain way, Charmin had promotions for select customers, Chikfila customer service• Customer Relationship Management: using info ab customers to create strategies that develop/sustain relationships• Green Marketing: create long term relationships w customers while maintaining and enhancing the natural environment • Value driven marketing: based on subjective customer’s worth (benefits – costs) -Ex: Sheraton 24 hr check-in, green marketing (social value)• Segment marketing: create product differentiation (variety of products to target a wide range of customers)• Market Penetration Strategy: employs existing marketing mix/focus firms effort on existing customers• Product development strategy: offers new product/service to firms current target market• Marketing development strategy: employs existing marketing offering to new market segments• Marketing management: effective and efficient control on marketing activities• Strategic Planning: mission statement corporate strategy SBU strategy marketing strategy marketing mix**each level of strategy should be consistent w previous**1. Use SWOT (detailed analysis of firm’s strengths/weaknesses & identification of opportunities/threats within marketing environment) to create mission statement - Missions statement answers 1) who are our customers 2) what is our core competency and creates a corporate identity 2. Based on this analysis, firm establishes missions/goals and develops corporate strategies to achieve them3. Next, each functional SBU of the organization (inc marketing, production, finance, and human resources) establishes own objectives and develops strategies to achieve them4.Create marketing strategy that is consistent w previous levels/mission that efficiently uses firm’s resources, and that is flexible in response to changes in market conditions, competition, and customer needs 5. Firm identifies/analyzes target market and develops marketing mix (4 Ps-BCG approach) to satisfy individuals in that market (marketing implementation)• Marketing objectives should be expressed in clear, simple terms so that all marketing personnel understand exactly what they are trying to achieve, be written so that they can be accurately measured, specify a time frame for accomplishment, be consistent with both business-unit and corporate strategy• The strategic planning process yields a marketing strategy which is a framework for a marketing plan (written document that specifies activities to be implemented and controls an organization’s marketing activities)• Identify market opportunities: where circumstance and timing meet to create strategic windows-Ex: Starkbucks for McDonalds, recession for Walmart • 3 levels of strategic plan: planning, implementing, control-Marketing implementation: putting marketing strategies into action (Intended strategy vs. Realized strategy)-Control phase: evaluating performance of market strategy using marketing metrics/taking necessary corrective actionSWOT analysis (preliminary step for marketing strategy) -Strengths: core competencies (internal)-Weaknesses (internal)-Opportunity (external)-Threat (external)Marketing objective:-Matching strengths to
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